How To Implement A Strategic Plan: Learning from the Game of Monopoly by Matthew Coppola

Implementing a well-thought out strategy can result in a desirable outcome.

Monopoly is a great example. Although it is a game of chance there are elements of strategy which contribute to a successful win.

Firstly forget about cheating in business. It doesn"t guarantee winning.

In Monopoly the player who steals money from his opponent or does not remind the other player that they are due rent if they forget, may experience a short term gain, but the long term result could be negative, such as a loss in credibility and trust, and with a short term gain mentality, there is no future focus, so the strategy will be misguided.

Secondly, ethical behaviour and a sense of fair play, is just as important in Monopoly as it is in business.

In game strategy we refer to the situation when a player makes a course of action over a series of games, as "repeated games".

A firm that takes on unethical conduct to craft a quick killing might benefit in the short term, but will end up paying for it in the long term.

Take for instance organisations that outsource manufacturing to low cost countries.

Yes it will result in cost savings, but may affect reputation of product quality. However, a business that maintains an open-handed refund and makes a practice of giving customers the benefit of the doubt, might not be as profitable in the short run as a more rigid policy, but is more likely to lead to repeat business, customer loyalty, and long-term gains.

Thirdly maintain a healthy cash position. In Monopoly having a nice wad of cash around helps protect you from times when you land on high rent spot or you want to buy property or build houses.